Arthur J. Gallagher Surges as Quarterly Earnings Beat Analysts' Estimates
The company advanced $1.43, or 5.3 percent, to $28.65 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest rise since April 2009. Its price is now the highest since October 2007.
Profit from continuing operations was 44 cents a share, beating by two cents the average estimate of 12 analysts surveyed by Bloomberg, the Itasca, Illinois-based company said in a statement yesterday.
“We are encouraged by our results and accomplishments this quarter,” said Chief Executive Officer J. Patrick Gallagher Jr. in the statement announcing the company’s earnings. “Posting slightly positive organic growth in our brokerage segment in this rate and economic environment is a testament to our sales culture.”
To contact the editor responsible for this story: Dan Kraut in New York at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.